Marketing Goal
Increase loan volume by promoting personal (unsecured) loans and specialty loans for boats, RVs, airplanes, etc.
Target Market
WordCom would work with the bank to refine the prospects among existing customers, or use specialty mailing list sources to identify previous owners of such items and/or demographic criteria.
Program
- The Message: For the personal loan market, the message would be that the customer/prospect has been selected to receive this special offer of an unsecured loan based on their customer or credit history. For the specialty loan market, the message should speak to “the passion” the customer feels for their vehicle — and how the bank can help them get a new one.
- Timing: Like all loan offers, they can be made any time during the year, but will have optimum responses based on the seasonality of the use of the loan (holiday, vacation, new boat, etc.)
- Mailing Package: The personal loan can successfully be promoted using the check or check voucher mailing format, which the customer signs to initiate the loan. The specialty loan can be sold using either a postcard, self-mailer, or letter format, depending on how upscale the target market is.
Results
Sales can vary widely, depending on the segment of the market and attractiveness of the rate/offer. Mailing to customers will generally bring double the response rate compared to raw prospects.
For a complete listing of all case studies click here »